PNM successfully re-markets senior notes

PNM Resources has successfully re-marketed $247 million in aggregate principal on series A senior notes.

PNM had said on May 7 it would re-market those notes, originally due in 2010. It also said it would simultaneously offer $103 million in additional senior notes for a total of $350 million.

In its latest announcement, PNM said the re-marketed and additional notes will constitute one and the same series of notes and will mature on May 15, 2015. They will pay interest semi-annually at a rate of 9.25 percent per year, payable on May 15 and Nov. 15 of each year, beginning Nov. 15, 2008.

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Proceeds from the re-marketing and offering will be used for general corporate purposes, including repayment of short-term debt.

A group of five banks and investment firms are serving as joint book-running managers for PNM Resources (NYSE: PNM) in the offering of additional notes. A group of 10 firms had served as agents in the re-marketing.